MINNEAPOLIS (AP) — Essar Steel Minnesota is delaying the opening of its Nashwauk taconite plant until the second half of 2014.

The plant originally was to open this fall with nearly 350 workers. But CEO and President Madhu Vuppuluri told the Star Tribune (http://bit.ly/15zj7U8 ) Thursday the opening is being delayed due to financing issues surrounding the company’s decision last year to increase production from 4 million tons of taconite to 7 million tons.

The original plan called for $1.1 billion in spending. The new plan requires Essar to spend $1.7 billion. The company already has spent $1.1 billion.

Vuppuluri says the company is “at the advanced stages of” securing the additional $600 million needed to finish the project.

Currently, about 100 Essar workers are on site, along with up to 300 construction workers.